Islamic Economic Thought and Globalization: Epistemological Roots, Major Streams, and Contemporary Challenges for Muslim Societies

Abstract

This article aims to trace the roots of Muslim thought by focusing on the epistemological aspects of Islamic thought, the major trends in the Islamic intellectual tradition, and their relevance to contemporary Muslim life in the midst of globalization. The method used is library research with a descriptive-analytical and hermeneutic approach, based on an Indonesian academic journal published in 2020–2024. The results of the discussion show that: (1) the epistemology of Islamic thought is integrative which is sourced from revelation as the main source, reason as an instrument of reasoning, and historical experience as a space for testing ideas; (2) there are five major schools of Islamic thought, namely kalam theology, Islamic philosophy, Sufism, jurisprudence (ushul al-fiqh), and the reform-modernization movement, each of which contributes to the formation of the Islamic intellectual tradition; (3) the dynamics of Islamic thought are influenced by internal factors in the form of methodological differences between sects, external factors in the form of colonialism and digital globalization, and local factors in the form of socio-cultural contexts such as Islam in the archipelago; (4) the relevance of classical Islamic thought is very important in building the intellectual awareness of the ummah, strengthening religious moderation, and responding to the challenges of globalization such as radicalism, secularization, and technological disruption. This article concludes that Islamic thought is a living, dynamic, and always open intellectual tradition to ijtihad and renewal, but still based on the principle of monotheism as the main axis. Understanding the roots of Islamic thought is not just a historical study, but is a practical necessity in building an adaptive Islamic civilization in the modern era. The novelty of this article lies in the effort to synthesize the three main dimensions of Islamic thought, namely the epistemological dimension (revelation-reason-history), the historical dimension (the development of the five major schools of Islamic thought), and the contemporary dimension (the challenges of digital globalization and religious moderation). This article also offers the perspective that Islamic thought is not only understood as the intellectual heritage of the past, but as an active and responsive knowledge system to the changing times, especially in the context of modern Muslim society in an era of global disruption.